Dodgers file for bankruptcy...

salsadancer7

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Though not surprised, this is so ugly for baseball. A storied franchised in the middle of this ulgy divorce....wow!

Updated: June 27, 2011, 9:44 AM ET

Dodgers file for bankruptcy
Associated Press

LOS ANGELES -- The Los Angeles Dodgers filed for bankruptcy protection in a Delaware court Monday, blaming the refusal of Major League Baseball to approve a multibillion-dollar TV deal that owner Frank McCourt was counting on to keep the troubled team afloat.

The Chapter 11 financing permits the Dodgers to use $150 million for daily operations and buys time for the team to seek a media deal, the team said in a news release.

"There will be no disruption to the Dodgers day-to-day business, the baseball team, or to the Dodger fans," the statement said.

Bankruptcy protection will provide the Dodgers with a process to address its immediate financing requirements and obtain the capital necessary to ensure the baseball franchise's long-term financial stability, the team said.

McCourt said the Dodgers have tried for almost a year to get Selig to approve the Fox transaction. The deal would have provided him with $385 million up front and was vital to a binding settlement reached between him and his ex-wife and former Dodger CEO Jamie McCourt last week. McCourt now faces the potential of missing a June 30 team payroll without the TV funds and that could lead to a MLB takeover.

The McCourts have been embroiled in a contentious divorce where their lavish spending habits were detailed in court documents. The former couple took out more than $100 million in loans from Dodger-related businesses, records show.

In April, MLB took the extraordinary step of assuming control of the troubled franchise. Former Texas Rangers President Tom Schieffer was appointed to monitor the team on behalf of Selig, who said he took the action because he was concerned about the team's finances and how the Dodgers are being run.

McCourt has maintained he met the criteria set forth by baseball officials in order for the TV contract to be approved and would amend the conditions if need be. The Dodgers' current TV deal with Fox expires in 2013.

The divorce settlement, now voided because of Selig's decision, called for a one-day "characterization" trial Aug. 4 to determine if title to the Dodgers is in Frank McCourt's name or if the team should be considered community property and sold. Sacks said the trial may be shelved and Superior Court Judge Scott Gordon could decide how to handle the former couple's assets at a later date.

Los Angeles Dodgers file for bankruptcy after failed TV deal - ESPN Los Angeles
 
This is the part that pisses me off:

The McCourts have been embroiled in a contentious divorce where their lavish spending habits were detailed in court documents. The former couple took out more than $100 million in loans from Dodger-related businesses, records show.

IF any of US would have done this, we would be thrown in jail for fraud!!!:rant::mad::rant::mad:
 
Hopefully,it is not THAT bad,but it would be horrific if the Dodgers had to fold because of this foolish couple. Selig really needs to find out if the McCourts did anything illegal & see if charges can be brought against them. The Feds need to investigate.
 
Hopefully,it is not THAT bad,but it would be horrific if the Dodgers had to fold because of this foolish couple. Selig really needs to find out if the McCourts did anything illegal & see if charges can be brought against them. The Feds need to investigate.
:confused: Fold?? That ain't gonna happen.

Hopefully, for Dodger's fans sake MLB will take control and find a new suitable owner.
 
:confused: Fold?? That ain't gonna happen.

Hopefully, for Dodger's fans sake MLB will take control and find a new suitable owner.

Folding would be the EXTREME worst case scenario. The current MLB owner needs to be investigated for fraud. The owner & his soon to be ex-wife both seem vain enough to totally FUBAR the Dodgers to get their way.
 
I think Steinbrenner borrowed a hundred million or so dollars from the Yankees right after they contracted their "Yes" deal.
 
They owe Manny Ramirez 21 Million. I wonder if he even cares. I had heard from someone who worked for the Red Sox that one time he had to be told to cash his checks. I don't know if it was the checks from the Red Sox or some other checks. They found a bunch of checks in his house that hadn't been cashed. And it was for some big money.
 
This is actually a good thing for the Dodgers. In doing so the bankruptcy court will rule that the Fox deal is legit and MLB cannot block it. This means they will make payroll. In the event that the court will not rule as such, McCourt will sue forcing MLB to investigate all teams. MLB will not want to do that as they know that most owner borrow against the team and have some shading money practices (laundering).

I with McCourt will realize this is a lost cause, take his losses and sale the team to someone who will run it a lot better.
 
Don't worry, folding isn't anywhere on any list of options. The fact that you think it's even a remote possibility that MLB would contract a legendary and historic franchise in such a large market concerns me....

Yeah,I guess it's up there with people on other boards arguing about the Dodgers needing to move back to Brooklyn & others arguing how the Yankees & Mets won't allow it & the fact that very few fans are alive who remember the Brooklyn Dodgers(not to mention,where would you put a new stadium in Brooklyn anyway?).
 
Another one that didn't get paid was Vin Scully. Vinny is the Dodgers. The only one connecting both Brooklyn and LA. The only one to be involved in every single Dodgers world championships j

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If you own a business outright you can move money back and fourth between it and your personal account all you want. No fraud. Different from a publicly traded corporation or even a simple business partnership.

McCourt is a dope. Being a dope and a crook are two different things.

The fraud here, certainly in moral terms and perhaps in legal, lies where it usually does. At the foot of the least qualified person to hold an important position in this country. Bud "Light" (Kennesaw Molehill) Selig.

Fox owned the Dodgers, and wanted out. This McCourt idiot showed up and bought the team on credit, because he did not have the money. Selig could have said no, but cowtowed to NEWS Corporation. Then he made all of these deferred compensation deals. Then he and his wife took "loans" out from the team to finance their lifestyle. Something Selig had to approve. Then he and the Mrs. had a falling out and she whats her half, but he does not have it, because he really does not have any significant assets beside the team.

Selig screwed up, again.
 

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